15.        **TERMINATION**.  Lessor may terminate this Agreement at any time upon an Event of Default by Lessee. The term “Event of Default” means
any of the following events: (a) Lessee breaches its obligation to pay the Basic Rent or any other sum when due and fails to cure such breach within ten (10) days; (b) Lessee breaches any of Lessee’s insurance obligations under
**Section 12**; (c) Lessee’s material breach of any of its other obligations and failure to cure that breach within thirty (30) days after written notice from Lessor to Lessee; (d) any representation or warranty made by
Lessee in connection with this Agreement shall be false or misleading in any material respect when made; (e) Lessee becomes insolvent or ceases to do business as a going concern; or (f) a petition is filed by or against under any
bankruptcy, insolvency or similar laws and in the event of an involuntary petition, the petition is not dismissed within forty-five (45) days of the filing date. Lessee may, at its option, terminate this Agreement in the case of any Event of
Default (as such term is defined in the Aircraft Mortgage) under the Aircraft Mortgage acted on by the Bank. In addition to the foregoing, unless otherwise agreed in writing by Lessee and Lessor, this Agreement shall terminate at 12:00 noon Pacific
Time on the later of (x) the retirement or other event that results in the withdrawal of W. Howard Lester from the active management of Lessee (each a “Retirement Event”), and (y) the ninetieth (90th) day following written notice of a Retirement Event. With respect to notice to Lessor of a Retirement Event, notice to W. Howard Lester shall be deemed
such notice.